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Prices Higher Last Week, But Market Remains Uncertain

OIL

Oil prices rose last week after declining since early March but were weaker on Friday due to a stronger dollar and worsening risk sentiment driven by European bank concerns. WTI fell 1.1% on Friday to $69.26/bbl but was 2.1% higher on the week. Brent fell 1.2% to $75 to be +1.6% w/w. The market continues to struggle with both upside and downside risks to supply and demand. The USD index rose 0.6%.

  • WTI reached a low of $66.82 on Friday, which was a brief clearing of $66.90. $64.36, the March 20 low, is the bear trigger. Brent fell to $72.68, which cleared $72.82. The bear trigger is $70.12.

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